LNR Partners Seeks Condos' Foreclosure Over $35M Loan

Law360, Philadelphia (May 10, 2013, 12:07 PM ET) -- LNR Partners LLC on Thursday sued a partnership that owns condominiums in the former building of an iconic Philadelphia department store, seeking to foreclose a property loan for $35 million.

Florida-based lender LNR Partners LLC's suit, filed in Pennsylvania state court, contends that 801 Market Street Holdings LP, the owner of condominium units in the former Strawbridge and Clothier building in downtown Philadelphia, defaulted on a 2003 loan when it matured Feb. 1.

“Borrower’s failure to make the payments required at the maturity date constitutes an event...